Product Development Partnership

RNS Number : 8807C

Coral Products PLC

04 October 2018

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Coral Products PLC and Rotite Technologies enter into a product development partnership

The Board of Coral is pleased to announce that Coral Products PLC has recently entered into a development agreement through which it has retained Rotite Technologies Limited ("Rotite"). Coral, a "plastics company with a conscience" is seeking to accelerate innovation within its growing range of products.

Rotite, is an industrial technology business with patents within advanced fastening solutions. The objective of the agreement is for Rotite to bring its innovation and industrial design skills to facilitate the development of new Coral products over the foreseeable future.

Rotite has itself developed a range of patented products within the aerospace, automotive, robotics and industrial sectors.

Separately, as previously announced on 1 August 2018, Coral Products PLC subsidiary Coral Products (Mouldings) has recently invested in an in-house plastic recycling unit for its Haydock facility which is expected to be installed in December and be operational in January 2019.

As a Group, Coral is continuously looking at ways to improve its products and processes and reduce waste.

Mick Wood, CEO of Coral said:

"Coral is continually looking at new innovation and we are pleased to be working with Rotite to develop new and exciting products that will continue to differentiate us in a very competitive market."

Matthew Harte, Managing Director of Rotite said:

"It is very exciting for us to bring our new technologies and product design to Coral and help them accelerate the development of their products.  We see a great number of opportunities across the Coral Group which could lead to significant product innovation."

Enquiries:

Coral Products plc
Joe Grimmond, Non-executive Chairman Mick Wood, Chief Executive Officer	Tel: [phone] Tel: [phone]
Daniel Stewart & Company plc	Tel: [phone]
Broker
David Lawman
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

 

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